Innovation and Business Development for Tackling Social Problems in Australia

This report proposes a business innovation to tackle social problems in Australia, such as unemployment and vacant urban property. It suggests utilizing these spaces for proactive learning, housing facilities, research labs, and training centers. The report includes a PEST analysis, organizational requirements, feasibility, action plan, potential challenges, risk management, collaboration plan, and righteousness of the innovation.

Running head: INNOVATION AND BUSINESS DEVELOPMENT
INNOVATION AND BUSINESS DEVELOPMENT
Name of the Student
Name of the University
Author note

Introduction
The aim of the report is to represent an in-depth analysis and viability of a business innovation in
order to tackle social problems of the current generation. Australia witnesses one of the highest
unemployment rate of over 5.9% according to the Australian Bureau of Statistics. The increasing
rate of unemployment in Australia calls for unique solution to become job providers from job
seekers. One fifth of the people aged 18-24 are either unemployed or not enrolled in any
education or training (Carvalho, 2015). Youth unemployment is a major issue plaguing the
economic prosperity of the country (Wallace & Cross, 2018). . In order to address the graving
issue an innovative idea can be employed to tackle the situation. Further, Australia has vast
empty spaces and urban property which are lying vacant without any usage (Wilkinson, Remøy,
& Langston, 2014). These two potential factor can turn out to have huge business prospects and
needs to be tapped to upgrade the socio-economic status of the youth of Australia
Innovation
The business innovation is about utilizing the vacant spaces of the urban property or the unused
real estate into areas of proactive learning, housing facilities for homeless people, small areas of
research labs, training centers to organize skilling programs for the unskilled labor, teaching
centers, etc. Vacant buildings create a negative impact on the lives in the neighborhood and
invite anti-social behavior, homelessness and deteriorate the aesthetic value of the environment
(Foster, S., Knuiman, Wood & Giles-Corti, 2013). The novelty of the innovation is based on its
two basic foundation that it addresses two major social problems of the society- unemployment
and tackling the crime in empty pockets of the city. It also takes into account proper usage of
these empty areas adequately. The innovation is patentable and can be protected as a similar

application like has not been implemented in Australia and there are no close built on this social
enterprise. The real estate promoters will also benefit as their vast urban property could be put to
adequate usage. It will finally turn the youth at risk to potential business professionals. Training
the youth of today will be assets of tomorrow.
PEST Analysis
Political
On analyzing the political aspect of the innovational social enterprise, the business need to
adhere to the government regulations so that illegal or unauthorized vacant places are nor
encroached. Further, compliance of real estate laws of the government will one of the major
denominator in the successful implementation of innovation. As the business will grow equal
compliance of taxation laws will also be one of the essential factor and a financial cost of the
business (Gupta, 2013).
Economic
The economic factors affecting the demand and supply of the vacant buildings, costs of the
refurbishing the space will be a major challenge which can be done through effective
collaboration and contribution of the community. Funds can also be raised through crowd
funding in the neighborhood areas so as to improve the society which will be beneficial for
everyone to access. The demand and supply of the vacant spaces should be balanced with
unemployed youth as the spaces are limited compared to the unskilled youth (Baker, 2014).
Initially the government can be roped in to provide adequate knowledge of the spaces as it can
lessen the burden of the unemployment pressure. Further, government funding will play an
essential role during the inception of the business however and adequate funding mechanism
from the government is uncertain.

Social
The social aspect of the innovation is confined to the youth and out of school students who need
who are seeking an employment opportunity. The aim of the business is to focus on these youth
and bring a revolution in their lives since they are deprived force who has the ability but due to
absence of adequate facility they are unable to acquire respective jobs (Harding, 2017). Further,
research facilities and training facilities in these space will improve the situation of
unemployment.
Technological
The business will run through an application where the unemployed youth can register
themselves to collaborate in the business process. The application will also acquire information
of the vacant places in the certain pockets of the city (Stone & Stone, 2013). The communication
platform will be set up also in a website where the information regarding the vacant empty
spaces will be informed by the local activists, who will be have an improved society due to
effective refurbishing of these spaces.
The organizational requirements for driving and implementing innovation
The website and application must be first developed and marketed digitally and locally to reach
the target consumers. The target consumers need to be identified as they will play a pivotal role
in refurbishing these places for their own career building. Instilling an inert confidence through
digital marketing of these ideas will enhance larger participation of the youth. The organization
will have adequate team leaders in certain geographical areas to manage the youth of a particular
area ("Voidstarter: Irish project wins European Social Innovation prize", 2018).

Feasibility of the Innovation
The mapping of these places and real time tracking of the organization shall be done at a central
headquarter further monitoring of all the activities in these places will be done regularly. The
project developed by the youth will be assessed by the industrial experts who would provide
adequate support and funding. The implementation of the idea will be built through the app and
website, after which the location and site will be assessed through an effective participation of
the local youth. This kind of innovation will act as kick starter for the youth who wants to take
responsibility, or want to research in a pop-up office space. The vacant spaces will be acquired
and refurbished by these youth (Verbeke, 2013). The whole process of acquiring the vacant place
will be done by the team leaders heading the innovation.
1. Industry/market feasibility- The large growing in the real estate sector and limited
demand calls for the need to utilize these empty spaces adequately. Its importance to
customers and stakeholder lies in the fact that these empty place will act as assets for
investments which were earlier not put into any economical use. Further, this innovation
is young, new and fresh and train the new and fulfils the social objectives. The time of
the pilot project will take over 6 months to gauge the feasibility of the innovation.
2. Service feasibility analysis- The service feasibility of the innovation is unique since it
covers the marginalized youth to be trained into crucial labor inputs for the emerging
industries. These unemployed youth can be serve as essential human resources which
required for the current trend of startup culture.
3. Technical, operational and organizational feasibility- IT Team is required for working on
the website and app developed by them, while an operational team will help in

communicating with associated stakeholders. The technical force is essential and
technical expertise is easily available to create a dedicated work force.
4. Financial feasibility- The innovation is financially feasible since the construction
companies and real estate sector can invest. Further, the MNCs need to fulfill the
corporate social responsibility which will find this unique idea feasible to invest in.
Summary Statement
Sources of Capital
Owners' and Other Investments
$
25,000
Bank Loans 2,500
Other Loans -
Total Source of Funds
$
27,500
Startup Expenses
Social Media
$
25,000
SEO 12,050
Mobile Marketing 25,000
Google Adwords 8,500
Opening Inventory -
Advertising / Promo Expenses 7,000
Other Expenses 50,000
Total Startup Expenses
$
182,550

Action Plan
Action steps & objectives
The foremost action will be to map these vacant spaces which have the adequate facilities will be
mapped and divided into certain geographical sections so as to rope in the community for
wanting an improved environment. The underprivileged and marginalized youth are of the
community are also mainstreamed through the initiative to train them, educate them through
independent leaders who wants act as an agent of social change (Zimmermann et al., 2013). The
objective is to bring about a positive transformation in the society. The pilot project taken in one
area will be completed within five to six months, i.e., by June 2019.
Target customers
The target customers are mainly young who are out of school and are unable to find any
employment and aspiring youth who are looking for starting up their own business or want do
something on their own. The business will cater to the youth who are in need for certain
occupation and want collaborate for starting up their own enterprise.
Team requirements
The strategic partner in the venture will be housing authorities, local municipal government, city
councils, construction companies, mentors, city developers and other authorities and stakeholder
which can play a pivotal role in the venture. The property will be returned within a year. The
initial funding will require an investment in the initial phase and over a period of definite period
of one to two years the project will be self-sustainable.

Necessary resources
• Financial resources- The finances will be funded by the interested stakeholders like
construction companies, builders, government subsidy and financial support as it has
social objectives and aims to assure welfare of the youth. The other ventures willing to
partake in the business or companies willing to contribute to fulfil its corporate social
responsibility.
• Physical resources- The vacant spaces and buildings acquired for a period of time from
the builders and promoters.
• Human resources- An expert in certain field will undertake training of the youth
interested in the field. For instance, many youth aim to open their own restaurants in the
heart of the Australian cities however, this can be a big challenge for a single individual.
The human resources can be taken through registration who will be assessed on some
essential parameters.
• Technological resources- IT team for building and maintaining the application and
website. The technological is utmost priority support required for building the application
and website for registration of the youth.
Potential Challenges
There are many challenges of the business among which the foremost challenge will be issues
which will hinder using these spaces as some backlashes by the communities can be expected.
The youth might be reluctant and it will be a challenge to mainstream the uneducated youth to
contribute towards the betterment of the society. Funding will be a challenge as construction
companies, builders, promoters will be reluctant to initially be a part of the project. However,

after rolling out of the plan the loopholes will be fixed and further improvised according to the
circumstances.
Innovation uncertainty and Risk Management
The construction companies, builders might not pull off if they are aims of the business remains
unsuccessful in the first go. It is difficult to mainstream the uneducated youth into proper training
as they might lose interest as initially they are not paid and there is no job guarantee. The risk of
youth using the spaces for doing something illegal or unethical is also probable.
Strategies for managing risks
The potential loopholes in the project will be determined in the pilot project undertaken in a
certain locality. The project will be undertaken after complete assessment of the pilot project as it
will help to gauge the efforts of the pilot project. Expertise in diverse field to collaborate with the
venture to train the youth. The venture will be propelled by the effective cooperation and
collaboration of the housing societies, construction companies, brokers, builders, promoters and
other business professionals and expertise interested in the venture.
Collaboration plan for implementation
The stakeholders will collaborate in a phased manner initially in one pilot project. Housing
societies, construction companies, brokers, builders, promoters and other business professionals
and expertise interested in the venture will benefit there vacant places will be put to use. These
companies would also collaborate to meet their targets of corporate social responsibility. The
large MNCs will also collaborate for training the youth as they would provide cheap labor after

proper industrial training. The emerging firms or startups will need basic employees which can
be acquired through this initiative.
Righteousness of the innovation
The youth will be the major participants to act as an agents of social change to encourage the
trickle down effects to the other segments of the society. The innovation aims to involve the
unemployed youth refurbish and renovate the vacant homes in their neighborhood and transform
them into offices ("Voidstarter", 2018). These places will serve as an incubator for social
business which will train and mentor the youth. The innovation aims to aid the youth in their
capacity building and bring out their own individual project depending upon their interests, skills
and encourage to set realize their own ideas thorough collaboration and cooperation (Bedekar,
2015).
Outcome
The potential outcome will be to aid these youth to get rid from the shackles of poverty and poor
life standards and become self-sustainable through training in diverse field. There would also be
a decline in the crimes which are becoming rampant in these desolate places. For example, a
vacant place can be turned into a restaurant or café by these youths who build their own business.
A space can serve as a library for the students of the locality which can be managed by the youth
as the stakeholders. A group of youth can be teachers and start their own tuition centers. These
spaces can be used an incubator and a centre for setting up business by the implementation of the
efficient projects by the youth.

References
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